19 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Adjusted EBITDA 2 /Revenue 79% Operating Cash Flow/Revenue 69% Cash G&A 3 Expenses/Revenue 5% Efficiency Drives High Margins 1 – Calendar 2023. 2 – Adjusted EBITDA is a non-GAAP financial measure. See Appendix for additional information 3 – Cash G&A is a non-GAAP financial measure and is calculated as G&A Expense of $39.8M less Non-Cash Employee Stock Compensation Expense of $9.7M. See Appendix for additional information US$ 606M Revenue US$ 480M Adjusted EBITDA US$ 416M Operating Cash Flow US$ 30M Cash G&A 3 CASH FLOW METRICS 1